Daily Price Analysis 09/08: Bitcoin, Ethereum, Ripple, EOS, Litecoin

The cryptocurrency market continues to bleed, with the market losing over $8 billion over the past 24 hours. The total cryptocurrency market cap currently stands at $223 billion, which is low compared to the $231 billion recorded yesterday.

The 24 hours trading volume also dropped, losing $1 billion over the past 24 hours. The trading volume yesterday was $15.5 billion but has dropped to $14 billion. The drop in trading volume coincided with the drop in Bitcoin price to the $6,300 level.

Bitcoin price analysis

The Bitcoin price lost roughly $200 over the past 24 hours. At this time yesterday, the Bitcoin price was trading above $6,500 region but has dropped by 3% to currently trade at $6,314.

The 24-hour trading volume has also dropped from $5 billion, currently standing at $4.5 billion.

The Bitcoin price continues to react negatively to the delay on Bitcoin ETF by the U.S SEC. The commission postponed its Bitcoin ETF decision to September, which led to the Bitcoin price tumbling.

Over the past seven days, the Bitcoin price has shed 17% of its value. BTC was trading around $7,653 a week ago but is currently trading at $6,350.

Ethereum price analysis

ETH is currently trading at $361, after dropping from $370 over the past 24 hours. This change means that ETH price has lost 2% of its value during that timeframe.

The 24-hour trading volume hasn’t changed that much over the past 24 hours. The daily trading volume currently stands at $1.8 billion, which is just a little shy of the $1.9 billion recorded yesterday.

A look at Ethereum’s weekly chart shows that the cryptocurrency has lost 13.8% over the past seven days. It was trading at $419 per coin a week ago but is currently trading just above $361.

Ripple price analysis

XRP price has slipped by 3% over the past 24 hours. This time yesterday, the token was trading at $0.35 after slipping from its previous $0.41.

It has dropped further to its current level at $0.34. Unlike the above-listed coins, XRP recorded an increase in its 24-hour trading volume. The trading volume yesterday was $320 million but has increased to $347 million.

A global investor law firm, Rosen Law Firm issued a press release stating that it is investigating Ripple Labs, Inc. and XRP.

However, the news hasn’t had much effect on the price of the currency. Over the past one week, XRP lost 23% of its value. It is currently trading at $0.34, compared to the $0.44 it was trading seven days ago.

EOS price analysis

EOS has shed 6.6% of its value over the past 24 hours. It was trading just above $6 yesterday but is currently trading around $5.66.

The 24-hour trading volume meanwhile went in the opposite direction as it went up from $750 million to its current $781 million.

Over the past seven days, EOS has dipped by roughly 20%. EOS price a week ago was $7.09 but it kept declining and now trades at $5.66.

Litecoin price analysis

The seventh largest cryptocurrency dipped in price just like the others. It was trading at $66 twenty-four hours ago but is currently at $62 per coin.

The trading volume has also decreased to $300 million after recording $315 million yesterday.

LTC price has lost 19% of its value over the past seven days. The cryptocurrency which is currently trading at $62 was priced at $77 a week ago.